Apex Company Account Balances December 31, 2022 Account Title Balances Cash $190,000 Receivables.. 442,000 Inventory. 597,000 Investments. 700,000 Land. 289,000 Buildings. 1,040,000 Accumulated depreciation-building. 225,000 Accumulated depreciation-furniture & equipment 95,000 Gain on sale of a discontinued component of the business 30,000 Furniture & Equipment 700,000 Copyright 60,000 Trademarks.. 155,000 Sales Revenue 8,080,000 Payables.. 2,675,000 Cost of goods sold 4,840,000 Selling Expense. 1,700,000 Administrative expense 800,000 Interest expense. 50,000 Restructuring costs.. 400,000 Foreign currency translation gain 84,000 Loss on operations of a discontinued component of the business.. 170,000 Research and development expense. . 156,000 Unrealized loss on available for sale investment 14,000 Royalty revenue... 75,000 Common Stock, $2 par 800,000 Retained earnings 90,000 Paid-in capital in excess of par. 149,000 Additional information 1. Cash includes the following: $ 45,000 Cash in a checking account at Nation Bank 110,000 Cash in a savings account at Union Bank representing a compensating balance for a long-term note at this bank 29,700 Restricted cash in a savings account to pay bonds payable due 12/31/2025 5,200 Undeposited customers' checks 100 Currency and coins in the office $190,000 Total cash 2. Receivables include: $350,000 Amount owed by customers (40,000) Allowance for uncollectible accounts from customers 29,300 Loan receivable due October 2023 2,700 Prepaid insurance (from Jan. 2023 to March 2023) 100,000 Nontrade note receivable due (due in 2 years) $442,000 Total receivables 3. Inventory includes damaged goods that cost $25,000. These goods must be written off. 4. Investments includes the following: $100,000 Treasury bills that matures in January 2023 450,000 Investment in bonds of another corporation that Apex intends to hold for the next five years 50,000 Commercial paper maturing February 15, 2023 100,000 Land that the company will sell in February 2023 $700,000 Total investments 5. In 2022 it was discovered that the purchase of a trademark for $40,000 was incorrectly included in 2021 administrative expense. This amount is considered significant. 6. The copyright was purchased in 2021 with a 5-year useful life. This copyright was never amortized. Amortization of intangible assets is considered a selling exercise. 7. Payables consists of: $ 55,000 Owed to suppliers for merchandise purchased on account 100,000 Note due September 30, 2023 1,100,000 Long-term note from Union Bank 804,000 Mortgage payable due in monthly instalments of $6,700 each, with the next instalment due January 2023 16,000 Accrued salaries and wages 600,000 Bonds payable that matures 12/31/2025 $2,675,000 Total payables 8. On December 30, 2022 the board of directors declared a cash dividend of $0.20 per share on its common stocks payable January 30, 2023. This transaction was not recorded in the companys accounts. 9. Two million shares of $2 par value common stock are authorized of which 400,000 shares were issued and outstanding. 10. The company classifies all highly liquid investments as cash equivalent. 11. Assume an income tax rate of 21%. Required: Prepare the following 2022 financial statements for Apex Company: a. Multiple-step income statement that includes earnings per share disclosures. b. Statement of comprehensive income. c. Classified balance sheet.